I Squared Capital, a leading independent global infrastructure investor, announced it has entered into a definitive agreement to sell a 25% minority interest in TIP Group, one of Europe’s leading transportation equipment leasing and services platforms, to the Investment Management Corporation of Ontario and GCM Grosvenor.
Headquartered in Amsterdam, TIP is one of Europe’s largest trailer leasing and equipment services companies, operating a fleet of approximately 90,000 trailers, trucks, and specialized equipment with over 130 service locations in 17 countries. The company provides integrated leasing, rental, maintenance and repair, digital fleet solutions, and used equipment sales to more than 15,000 transportation and logistics customers across Europe. Since acquiring TIP in 2018, I Squared has transformed the business into a market-leading pan-European transportation equipment platform through organic investment and 30 strategic acquisitions, expanding its geographic footprint, strengthening its maintenance network, investing in fleet refurbishment, electrification, and digital capabilities including the launch of its Viamanta digital platform, and more than doubling both revenue and EBITDA.
The transaction is expected to close in the first quarter of 2027, subject to closing conditions and regulatory approvals, with financial terms not disclosed. J.P. Morgan Cazenove and UBS served as financial advisors and Simpson Thacher & Bartlett LLP served as M&A legal counsel to I Squared Capital, while Torys LLP and Simmons & Simmons served as legal counsel to IMCO, and Hogan Lovells Cadwalader served as legal counsel to GCM Grosvenor.
I Squared Capital manages over $60 billion in assets across power and utilities, transportation and logistics, digital infrastructure, environmental infrastructure, and social infrastructure. IMCO manages $90.7 billion of assets on behalf of its clients, while GCM Grosvenor has approximately $91 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies.
KEY QUOTES:
“TIP exemplifies I Squared’s platform-building investment strategy. Over the past eight years, we have partnered closely with management to transform the business through operational investment, strategic acquisitions and disciplined capital allocation, transforming the business into one of Europe’s leading transportation equipment platforms.”
“We continue to see significant opportunities for TIP and look forward to partnering with IMCO and GCM Grosvenor to support the next phase of growth, while enabling TIP to continue delivering exceptional service to its customers and partners across Europe.”
Mohamed El Gazzar, Senior Partner, I Squared Capital
“TIP is a leading European provider of asset leasing and maintenance services, operating critical transportation infrastructure that aligns with IMCO’s investment strategy focused on resilient businesses and stable cash flows.”
“This investment reflects our continued focus on building a diversified infrastructure portfolio for our clients, while building on our partnerships with experienced global infrastructure investors and high-calibre management teams in sectors where we see long-term value.”
Matthew Mendes, Managing Director, Head of Infrastructure, IMCO
“We are pleased to work with the TIP management team and I Squared to support TIP as it enters its next stage of growth. We believe TIP is well positioned to capitalise on its strong foundation and create long-term value.”
Ravi Parekh, Managing Director, GCM Grosvenor
